Netflix’s first-quarter financials came in better than expected after a dismal 2011, but it wasn’t enough for investors to overlook a weak revenue outlook.

Netflix announced late Monday that it lost 8 cents per share on $870 million in sales last quarter. Analysts polled by Thomson Reuters expected a much wider loss of 27 cents per share, and sales of $866 million.

But shares plunged 14% in after-hours trading. Investors were likely disappointed by Netflix’s sales outlook of $873 million to $895 million, lower than analysts’ forecasts of $897 million in revenue for the second quarter.